Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Paychex, Inc. (NASDAQ:PAYX)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank has increased its stake in Paychex, Inc. by 26.6% in the first quarter, owning 254,007 shares valued at approximately $39.19 million.
• Insider trading reports reveal that both Chairman Martin Mucci and CEO John B. Gibson sold significant amounts of stock, with Mucci selling 97,526 shares and Gibson selling 12,370 shares, resulting in notable decreases in their respective holdings.
• Paychex has announced a quarterly dividend of $1.08, which will yield 2.92% annually for shareholders of record on July 21st.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Paychex, Inc. (NASDAQ:PAYX - Free Report) by 26.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 254,007 shares of the business services provider's stock after buying an additional 53,357 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of Paychex worth $39,188,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. increased its stake in Paychex by 220.7% in the fourth quarter. Meeder Asset Management Inc. now owns 186 shares of the business services provider's stock valued at $26,000 after purchasing an additional 128 shares in the last quarter. Alpine Bank Wealth Management acquired a new position in shares of Paychex during the first quarter valued at about $34,000. MorganRosel Wealth Management LLC acquired a new position in shares of Paychex during the first quarter valued at about $34,000. Tsfg LLC grew its holdings in shares of Paychex by 122.3% during the first quarter. Tsfg LLC now owns 229 shares of the business services provider's stock valued at $35,000 after buying an additional 126 shares during the last quarter. Finally, Transce3nd LLC acquired a new position in shares of Paychex during the fourth quarter valued at about $44,000. Institutional investors own 83.47% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Barclays set a $155.00 price target on shares of Paychex and gave the stock an "equal weight" rating in a report on Tuesday, June 24th. Royal Bank Of Canada set a $165.00 price target on shares of Paychex and gave the stock a "sector perform" rating in a report on Tuesday, June 24th. Stifel Nicolaus cut their price target on shares of Paychex from $156.00 to $152.00 and set a "hold" rating on the stock in a report on Thursday, June 26th. JPMorgan Chase & Co. boosted their price target on shares of Paychex from $140.00 to $148.00 and gave the stock an "underweight" rating in a report on Wednesday, June 18th. Finally, Morgan Stanley cut their price target on shares of Paychex from $150.00 to $148.00 and set an "equal weight" rating on the stock in a report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating and ten have issued a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $150.20.

Paychex Stock Performance

PAYX traded down $0.46 during midday trading on Thursday, reaching $145.45. The company had a trading volume of 596,554 shares, compared to its average volume of 2,129,507. The business has a 50-day moving average price of $149.75 and a two-hundred day moving average price of $148.59. Paychex, Inc. has a 12-month low of $122.07 and a 12-month high of $161.24. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.28 and a current ratio of 1.28. The stock has a market cap of $52.40 billion, a PE ratio of 31.83, a P/E/G ratio of 3.37 and a beta of 0.88.

Paychex (NASDAQ:PAYX - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.19. Paychex had a net margin of 29.75% and a return on equity of 45.01%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.38 billion. During the same quarter in the previous year, the firm posted $1.12 earnings per share. On average, sell-side analysts expect that Paychex, Inc. will post 4.99 earnings per share for the current fiscal year.

Paychex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, July 21st will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Monday, July 21st. Paychex's dividend payout ratio (DPR) is presently 94.53%.

Insider Buying and Selling

In related news, CEO John B. Gibson sold 12,370 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $141.92, for a total transaction of $1,755,550.40. Following the transaction, the chief executive officer owned 81,755 shares of the company's stock, valued at approximately $11,602,669.60. This trade represents a 13.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Martin Mucci sold 97,526 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $145.17, for a total transaction of $14,157,849.42. Following the transaction, the chairman directly owned 446,917 shares in the company, valued at approximately $64,878,940.89. This represents a 17.91% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 11.40% of the company's stock.

Paychex Profile

Paychex, Inc, together with its subsidiaries, provides integrated human capital management solutions (HCM) for payroll, benefits, human resources (HR), and insurance services for small to medium-sized businesses in the United States, Europe, and India. It offers payroll processing services; payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing.